A Swiss encryption firm part-owned by the U.S.' intelligence service maintained close ties to a cybersecurity firm, which in turn supplies the Swiss financial industry, finews.asia has learned.
Zug-based Crypto AG is at the heart of a scandal: the U.S. Central Intelligence Agency, or CIA, as well as West Germany's intelligence services, used the Zug-based company for years to eavesdrop on scores of messages between governments, embassies and military commands worldwide, as a media consortium reported on Wednesday.
The company, dissolved last autumn, had a sister holding, Infoguard in neighboring Baar, Switzerland. Infoguard is specialized in cybersecurity, providing defense against hacks, security for server storage, internal communications, continuing education, and other services.
Its main clients are some of the biggest players in Swiss finance: UBS, Credit Suisse, Zuercher Kantonalbank, SIX, as well as reportedly Swiss Re and Italian insurer Generali.
Close C-Suite Ties
The ties between Crypto AG, the CIA front company, and Infoguard were tight, as Swiss daily «Aargauer Zeitung» reported: Swiss lawyer Robert Schlup sat on the board of both firms from 2002 until last year, for example. Georg Stucky, a cantonal representative as well as member of Switzerland's lower chamber of government, presided over Infoguard until 2016 – previously, he held the same role at Crypto AG.
The ties don't explicitly mean that U.S. or German intelligence services used Infoguard as well for surveillance purposes. However, the proximity of the two firms given recent revelations surrounding Crypto AG and intelligence services should give banks and insurers pause.
Banks Clueless?
A spokesman for Infoguard confirmed to finews.asia that the company supplies to the Swiss finance industry. Spokespeople for UBS, Credit Suisse, and stock exchange operator couldn't immediately comment on any relationship to Infoguard.
The Infoguard spokesman said the company and Crypto AG has split into two separate entities in 2001, with two separate clientele, offices, and management. Infoguard mainly supplies standardized products and solutions made by third parties, he said.
